The market erased previous week's losses and hit a five-month high amid volatility on mixed global markets due to cautiousness over the ongoing US debt ceiling discussions, however, it received support from institutional shareholders, better earnings and expectation of a normal monsoon.

The BSE Sensex surged 772.01 points or 1.25 percent to end the week at 62,501.69, and Nifty50 added 295.9 points or 1.62 percent to close at 18,499.30.

The BSE Mid-cap Index added 2.5 percent, led by Balkrishna Industries, CG Power and Industrial Solutions, Bajaj Holdings & Investment, Adani Power, Laurus Labs, Container Corporation of India and Muthoot Finance. On the other hand, Gland Pharma and Page Industries lost 13 percent and 10 percent, respectively.

The BSE Large-cap Index gained nearly 2% with Adani Enterprises, Divi's Laboratories, Adani Wilmar and Adani Total Gas rising 10-30 percent.

The BSE Small-cap index rose 1.4 percent supported by Optiemus Infracom, Nucleus Software Exports, Schneider Electric Infrastructure, Indiabulls Real Estate, Hindware Home Innovation, Dixon Technologies, Onward Technologies and Shreyas Shipping. However, losers were GE T&D India, Lincoln Pharmaceuticals, Orient Bell, Ashapura Minechem, Arihant Superstructures, Polyplex Corporation, JK Lakshmi Cement, Dishman Carbogen Amcis and GRM Overseas.